LIC Jeevan Dhara

LIC Jeevan Dhara policy is a plan for those who do not have an existing policy scheme. Like any other pension plan, it too offers income after retirement at regular intervals with the accumulated bonuses. It is an annuity plan that commences once the final premium has been paid or purchased, after the passing of a specific period of time. In layman's terms, the pension is provided to the policyholder or the nominees after the vesting date of the pension plan.

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The policyholder will be given five options for receiving the annuity. The customer can choose any of the five options according to their requirements and necessities.

Eligibility Criteria of LIC Jeevan Dhara

The LIC Jeevan Dhara policy provides an open platform for young adults and the aged to secure their life after retirement. It allows the customers to start early and stay independent by receiving an income even after their retirement.

Minimum age (at entry) - 18 years old

Maximum age (at entry)-65 years old

Minimum age at the vesting period -50 years old

Maximum age at the vesting period-79 years old

Benefits of LIC Jeevan Dhara

This pension plan offered by LIC comes in with its own benefits. Benefits available can be both to the policyholder or the nominees of the policy and sometimes both the parties. The primary benefits are listed and briefly discussed below.

Tax Benefits*

Under Section 88, the LIC Jeevan Dhara plan qualifies for tax benefits.

*Tax benefit is subject to changes in tax laws. Standard T&C Apply.

Maturity Benefits

The maturity proceedings can be converted into money, upto a maximum of 25%, by the customer without any tax levied upon the sum. The leftover balance is then turned into an annuity according to the applicable rates during the maturity of the plan. The customer can also choose to get pensions based on the entire corpus amount. The customer is also given a choice to select between five annuity courses of action. The choices are as listed below -

  • Life annuity would increase at the rate of 3% annually, i.e., every year.
  • The annuity would be paid throughout the life, i.e., the pension will be paid until the policyholder is alive.
  • The annuity would be paid throughout the life based on a set period interval which is selected by the policyholder. For example, for five years or 10/15/ 20 years.
  • The annuity would be paid until the policyholder is alive, and upon their death, the rest of the amount is paid to the nominee of the policy as a death benefit.
  • The annuity will be paid until the policyholder is alive, and upon the death of them, the pension will be continued in the name of the spouse. As long as the spouse is alive, they will be receiving a regular pension.

Death Benefits

Upon the demise of the policyholder, i.e., the customer, before the lapse of the plan time frame, the premiums which were paid until the death, not taking into account the extra or term assurance rider premiums, totalled with interest (rates as set by LIC) are paid to the nominees of the policy.

Premium Structure of the Plan

TheLIC Jeevan Dhara plan offers multiple time-related options when it comes to the payment of the premium. The customer can pay the whole sum at once or can choose to pay the premium monthly, quarterly, half-yearly, or annually. The customer can link the plan to their salary account and can also pay through automated salary deduction.

The customer is given a choice to set a 'Notional Cash Option.' This Notional Cash Option is not paid wholly and, along with the accumulated bonuses, becomes the maturity proceedings.

For annually paid premiums, the customer also gets to avail of a higher cover (optional) through the Term Assurance Rider.

Documents Required to buy LIC Jeevan Dhara

The following are some standard documents required of the LIC Jeevan Dhara pension plan -

  • Identity proof and address proof
  • Age proof
  • Existence certificate
  • Income proof and bank details
  • Proposal form and photographs of the customer

Necessary forms advised for raising a claim are -

  • For death claims -
  • Claim Form "A" in Form no - 3783
  • Death certificate
  • Original copy of the policy document
  • If the insured has passed away in an accident, vehicular or not, documents like the FIR copy and post-mortem copy are required.
  • For maturity claims -
  • Discharged receipt in Form no - 3825
  • Original copy of the policy document (to be submitted at least a month prior to the due date.)
  • For survival benefit claims -
  • Form no - 5180

The Process to Buy LIC Jeevan Dhara Online

With the digital wave, insurance providers are also offering their plans to be purchased online. This makes it easy for the customer as it reduces hassles on the way. The following are the steps to be taken in order to purchase a plan online:

Step 1:Go to the insurance provider’s website.

Step 2:Under the "Products," select "Pension Plans."

Step 3:Enter the required personal details like name, gender, and date of birth.

Step 4:Enter the required information regarding lifestyle. Few standard questions asked here are whether the customer has any smoking or drinking habits. Medical details may also be asked.

Step 5:Upload the necessary documents and forms.

Step 6:Once the premium quote is set, purchase the plan through a safe banking/ purchase gateway.

Key Exclusions of the Plan

The general exclusions under the LIC deferred annuity pensions plans are the cases of the life insured committing suicide. If the policyholder passes away by committing suicide within a year of the policy commencement, then around 80% of the premiums paid are given back to the policyholder's nominees.

If the policyholder passes away by committing suicide after the revival of a lapsed pension plan, then either the surrender value of the policy is paid, or 80% of the premiums paid are returned to the nominees. Whichever is higher in value is refunded to the nominees.

*For more information about exclusions, please refer to the plan brochure or the policy document.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Standard T&C apply wherever necessary.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.


  • Q1.Can the maturity amount be tax-free under the LIC Jeevan Dhara plan?

    A1.One-third of the proceedings (of maturity) can be free from tax under Section 10 (10A) of the Income Tax, but only twenty-five percent can be withdrawn. 

  • Q2. Is the pension received under the LIC Jeevan Dhara policy taxable?

    A2.Yes, the pension received under the LIC Jeevan Dhara pension policy is subject to taxes. The tax will be levied according to the tax bracket that the customer falls in. 

  • Q3. Is there a minimum for the Notional Cash Option for the LIC Jeevan Dhara policy?

    A3. Yes, the minimum amount considered for the Notional Cash Option is fifty thousand rupees (for premium payments that are regular).

  • Q4. What happens if the payment of premium stops for the LIC Jeevan Dhara plan?

    A4.If the payment of premium stops after a period of three years into the policy term, then the policy is subjected to lapse, and the benefits are ceased. The Notional Cash option is then decreased according to the ratio of the payments. Although, it has been noted that if all the premiums that are due along with the interest are paid off, the policy can be revived. 

  • Q5. Is there an option to avail of a loan under the LIC Jeevan Dhara plan?

    A5.No, there is no window for availing of a loan under the LIC Jeevan Dhara pension plan.

  • Q6. What is the Guaranteed Surrender Value of the LIC Jeevan Dhara policy?

    A6.The customer can surrender the policy after the plan has been commenced for 24 months or more. It is to be noted that the customer can surrender the policy prior to the vesting period. The Guaranteed Surrender Value,for when premiums have been paid (other than the premiums of the first year), is ninety percent of the policy value.

    If the customer chose the single premium payment option, then they can only surrender the plan after two years of the onset of the plan period.

  • Q7. What is the minimum premium required for the LIC Jeevan Dhara policy?

    A7.The minimum premium required for this LIC pension plan is Rs. 2,500 per annum for customers who chose to pay a regular premium. For customers who choose to make a single premium payment are required to pay Rs. 10,000.

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Average Rating
(Based on 26 Reviews)
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LIC Jeevan Dhara Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Jaipur, July 19, 2016
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Ahmednagar, March 09, 2016
help me, plane choose
Noida, January 02, 2016
life insurance
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